StepStone Group Inc.

Listed Company

STEPCIK 0001796022NasdaqLarge AcceleratedInvestment AdviceFY ends Mar 31

Period

FY 2026

Revenue

$1.99B

Net Income

$-535.81M

Total Assets

$6.76B

Equity

$-413.56M

Shares Out

—

Op. Cash Flow

$66.48M

Business

StepStone Group Inc. is a global private markets investment firm providing customized investment solutions and advisory and data services to institutional and private clients. It offers primary fund investments, secondary transactions, co-investments, separately managed accounts, focused commingled funds, portfolio analytics and reporting, and proprietary data and technology platforms (SPI Research, SPI Reporting, SPI Pacing). Its key business segments include asset management (SMAs and focused commingled funds), advisory and data services, and portfolio analytics and reporting. It distributes services via a global platform of local teams to pension funds, sovereign wealth funds, insurers, endowments, family offices, and private wealth channels.

Summary from filing dated 2025-05-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Revenues	—	—	—
Total revenues	1,994	1,175	712
Expenses	—	—	—
Compensation and benefits:	—	—	—
Cash-based compensation	414	332	293
Equity-based compensation	1,742	669	42
Performance fee-related compensation:	—	—	—
Realized	193	95	38
Unrealized	342	94	75
Total performance fee-related compensation	535	189	112
Legacy Greenspring performance fee-related compensation	139	74	−75
Total compensation and benefits	2,830	1,264	373
General, administrative and other	187	177	167
Total expenses	3,017	1,442	540
Other income (expense)	—	—	—
Investment income	41	15	7
Legacy Greenspring investment loss	5	−1	−9
Investment income of Consolidated Funds	92	65	28
Interest income	12	11	4
Interest expense	19	13	9
Other income (loss)	697,000	−33	2
Total other income	132	45	24
Income (loss) before income tax	−891	−222	195
Income tax expense (benefit)	−148	−49	28
Net income	−743	−173	168
Less: Net income attributable to non-controlling interests	−276	−48	88
Less: Net income attributable to redeemable non-controlling interests	66	54	16
Net income (loss) attributable to StepStone Group Inc.	−536	−180	58
Net income (loss) per share of Class A common stock:	—	—	—
Basic (in dollars per share)	−6.78	−2.52	0.91
Diluted (in dollars per share)	−6.78	−2.52	0.91
Weighted-average shares of Class A common stock:	—	—	—
Basic (in shares)	79	71	63
Diluted (in shares)	79	71	67
Dividends declared per share of Class A common stock (in dollars per share)	1.48	1.08	1.08

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31
Financial Position	—	—
Assets	—	—
Cash and cash equivalents	1,118	289
Restricted cash	579,000	502,000
Fees and accounts receivable	133	81
Due from affiliates	113	93
Investments:	—	—
Investments in funds	249	184
Accrued carried interest allocations	2,037	1,496
Legacy Greenspring investments in funds and accrued carried interest allocations	753	629
Deferred income tax assets	615	383
Lease right-of-use assets, net	82	92
Other assets and receivables	143	81
Intangibles, net	223	264
Goodwill	581	581
Investments, at fair value	715	415
Total assets	6,763	4,587
Liabilities and stockholders’ equity	—	—
Accounts payable, accrued expenses and other liabilities	103	90
Accrued compensation and benefits	2,361	737
Accrued carried interest-related compensation	1,101	758
Legacy Greenspring accrued carried interest-related compensation	619	496
Due to affiliates	363	332
Lease liabilities	104	114
Debt obligations	1,202	269
Other liabilities	25	18
Total liabilities	5,877	2,812
Commitments and contingencies (Note 15)	—	—
Redeemable non-controlling interests in Consolidated Funds	195	384
Stockholders’ equity:	—	—
Common stock	120,000	117,000
Additional paid-in capital	482	421
Accumulated deficit	−897	−243
Accumulated other comprehensive income	1	728,000
Total StepStone Group Inc. stockholders’ equity	−414	179
Non-controlling interests	1,105	1,211
Total stockholders’ equity	691	1,390
Total liabilities and stockholders’ equity	6,763	4,587

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Cash flows from operating activities	—	—	—
Net income (loss)	−743	−173	168
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	—	—	—
Depreciation and amortization	46	45	48
Unrealized carried interest allocations and investment income	709	151	−21
Unrealized performance fee-related compensation	342	94	75
Amortization of deferred financing costs	1	847,000	472,000
Equity-based compensation	1,618	650	39
Change in deferred income taxes	−195	−75	9
Fair value adjustment for acquisition-related contingent consideration	0	16	17
Gain on remeasurement of lease liabilities	0	0	106,000
Loss on sale of subsidiary	0	0	−812,000
Payments for acquisition-related contingent consideration	0	51	0
Other non-cash activities	0	−103,000	−579,000
Adjustments to reconcile net income (loss) to net cash used in operating activities of Consolidated Funds:	—	—	—
Unrealized investment income of Consolidated Funds	85	62	26
Purchases of investments of Consolidated Funds	334	226	77
Proceeds from sale of investments of Consolidated Funds	7	5	2
Changes in operating assets and liabilities:	—	—	—
Fees and accounts receivable	64	24	12
Due from affiliates	16	24	15
Other assets and receivables	−36	15	−10
Accounts payable, accrued expenses and other liabilities	17	13	17
Accrued compensation and benefits	29	4	16
Due to affiliates	−1	11	815,000
Lease right-of-use assets, net and lease liabilities	357,000	−298,000	2
Changes in operating assets and liabilities of Consolidated Funds:	—	—	—
Other assets and receivables	−36	15	−10
Other liabilities and payables	−584,000	16	1
Net cash provided by operating activities	66	65	162
Cash flows from investing activities	—	—	—
Contributions to investments	58	78	36
Distributions received from investments	19	40	8
Net cash recognized upon initial consolidation of funds	812	0	0
Net cash derecognized from deconsolidation of fund	37	0	0
Purchases of property and equipment	3	5	20
Other investing activities	0	−1,000	0
Net cash provided by (used in) investing activities	733	−43	−47
Cash flows from financing activities	—	—	—
Proceeds from capital contributions	5	28	13
Purchase of non-controlling interests	10	5	0
Redemptions of redeemable non-controlling interests in Consolidated Funds	54	32	0
Contributions from redeemable non-controlling interests in Consolidated Funds	403	240	65
Proceeds from revolving credit facility	75	125	50
Proceeds from issuance of Class A common stock of shares under ESPP	4	3	0
Proceeds from issuance of notes payable	0	175	0
Deferred financing costs	0	5	0
Payments on revolving credit facility	75	175	0
Distributions to non-controlling interests	171	161	106
Payments for acquisition-related contingent consideration	0	18	0
Dividends paid to common stockholders	118	76	68
Payments for taxes related to net settlement of equity-based awards	400,000	1	695,000
Payments for repurchases of Class A common stock	9	0	0
Payments to related parties under Tax Receivable Agreements	13	10	10
Other financing activities	0	−5,000	−1,000
Cash flows from financing activities of Consolidated Funds:	—	—	—
Proceeds from borrowings on fund credit facility	18	8	0
Payments on fund credit facility	18	8	0
Contributions from redeemable non-controlling interests in Consolidated Funds	403	240	65
Redemptions of redeemable non-controlling interests in Consolidated Funds	54	32	0
Net cash provided by (used in) financing activities	37	87	−58
Effect of foreign currency exchange rate changes	−8	−1	−3
Net increase in cash, cash equivalents and restricted cash	829	107	53
Total cash, cash equivalents and restricted cash	—	—	—
Total cash, cash equivalents and restricted cash	—	—	—
Supplemental disclosures:	—	—	—
Interest paid	16	7	8
Taxes paid	42	14	14
Non-cash operating, investing, and financing activities:	—	—	—
Accrued dividends	—	—	—
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements	−2	6	133
Establishment of lease liabilities in exchange for lease right-of-use assets	0	0	6
Issuance of note related to sale of subsidiary	0	0	8
Initial consolidation of Consolidated Funds	394	0	0
Reclassification and adjustment of non-controlling interests in subsidiaries to redeemable equity at redemption value	0	0	1,086
Settlement of non-controlling interests related to awards of carried interest allocations	0	55	0
Equity issued for redemption of redeemable non-controlling interests	0	97	0
Equity issued for purchase of non-controlling interests	161	0	0
Reconciliation of cash, cash equivalents and restricted cash:	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash	—	—	—
Total cash, cash equivalents and restricted cash	—	—	—

Filings

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